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IRA Traditional Accumulator

Traditional IRAs are a great way to start saving for retirement!

A traditional IRA allows you to save for retirement on a tax-deferred basis and some or all of the money you put in may be tax-deductible. The IRS caps the amount you can put into a traditional IRA each year. There are no income restrictions (cannot contribute if you have no earned income) on who can contribute but your income does factor in to what amount of your contributions, if any, you can deduct. Whether or not you’re covered through an employer’s retirement plan also has an impact. Generally, you won’t owe taxes on the money in a traditional IRA until you start making withdrawals. Penalty-free withdrawals are only allowed after you reach age 59 1/2. If you take the cash out before then you’ll have to pay taxes on the money along with a 10 percent early withdrawal penalty, unless the withdrawal is for: first time home purchase, medical expenses, health insurance premiums, childbirth, adoption, higher educational expenses, death, disability, or IRS levy. Once you turn 72, you’re required to begin taking minimum distributions or face a much stiffer tax penalty.

What's The Difference Between Traditional and Roth IRA Accumulators?

Anyone younger than 72 earning an income in the year in which they want to contribute.

Income up to $122,000 if you are single or $193,000 for married couples filing jointly.

Contribution Limits

Up to $6,000 and an additional $1,000 if you are age 50 or older

Up to $6,000 and an additional $1,000 if you are age 50 or older

Tax Benefits Now

Contributions are tax deductible

Contributions are made after-tax

Tax at Withdrawal

Your withdrawals in retirement are taxed at your income tax rate at the time

Your earnings and withdrawals from your account are tax-free when you retire

Withdrawals Rules

You can start withdrawing money from the account at age 59 1/2 without paying a penalty. At the age 72, you must stop contributing to the account and start withdrawing a minimum amount.

You can start withdrawing money from the account at age 59 1/2 without paying a penalty. You can keep contributing to the account and you don’t ever have to withdraw money from it if you don’t want to.

Highlights

How It Helps You

How It Works

Makes Money

Earns competitive interest on retirement funds

Saves Money

Potential tax benefits

Peace of Mind

Your savings will never lose value and are insured federally by the NCUA for balances up to $250,000

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